iFund- Daily Market Commentary

2019-05-08 01:17
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On the eve of Chinese Vice Premier Liu He’s visit to the United States, the Xinhua News Agency issued a comment saying that trade negotiations should be well prepared and should never compromise on the issue of principle. At the mean time, many of the Republican colleagues of Trump hoped that China and US will reach an agreement. Besides, the EU has lowered its forecast for Germany’s economic growth sharply, pointing out that the euro zone is facing lots of risks.

      • The Dow Jones Industrial Average closed at 25,965.09 points, decreased by 473.39 points or 1.79%. The Standard & Poor’s 500 Index closed at 2,884.05 points, decreased by 48.42 points or 1.65%. The Nasdaq index closed at 7,963.76 points, decreased by 159.53 points or 1.96%.
      • Fed Vice Chairman Clarida said that the weakening of inflation is a temporary factor, and the US economy and monetary policy are now in a good position.
      • The US consumer credit growth in March was the slowest within the last nine months, indicating that despite the strong labor market, Americans’ willingness to spend is lower. Besides, the number of job openings is the highest in a year, indicating that employers’ employment needs remain healthy.

      • The UK’s FTSE 100 index closed at 7,260.47 points, decreased by 120.17 points or 1.63%. The Frankfurt DAX index closed at 12,092.74 points, decreased by 194.14 points or 1.58%. The French CAC40 index closed at 5,395.75 points, decreased by 87.77 points or 1.60%.
      • IMF Managing Director Lagarde warned that the global trade tensions is affecting the world economy. Besides, the EU has sharply lowered its economic growth expectations on Germany and the euro zone. And it  warned that the escalation of trade tensions may make the economic outlook even worse.
      • According to informed sources, the cabinet ministers of British Prime Minister Theresa May believe that the opportunity to reach a Brexit agreement with the main opposition party, Labor Party, is gradually lowered.

      • Japan’s Nikkei 225 index closed at 21,923.72 points, decreased by 335.11 points or 1.51%. The yen closed at 110.580 against the US dollar, increased by 0.190%.
      • According to Nikkei/Markit data, the final value of the manufacturing purchasing managers’ index (PMI) in Japan was revised up in April, hitting 50.2, which was higher than the initial value of 49.5.

      • The Shanghai Composite Index closed at 2,926.39 points, increased by 19.93 points or 0.69%. The Shanghai and Shenzhen 300 Index closed at 3,720.67 points, increased by 36.05 points or 0.98%. The RMB closed at 6.768 against 1 US dollar, decreased by 0.035%.
      • The Xinhua News Agency published a commentary saying that China has always adhered to its bottom line and will never compromise on the issue of principle.
      • China will announce trade data for April today. Following the strong growth in March, the year-on-year growth rate of exports in April is expected to slow down significantly. Also, imports will continue to fall, and the trade surplus in US dollar will expand.

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